The 'Goods and Services Tax' on construction services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on construction services is:

A. 28%

B. 5%

C. 12%

D. 18% for commercial construction

Answer: Option D

Solution (By JKSSB Mock Tests)

Commercial construction services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Debt to GDP ratio' in India is monitored as part of which framework?

A. FRBM fiscal policy framework

B. Exchange rate policy

C. Trade policy

D. Monetary policy framework

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Correct Answer: Option A

Explanation:
Debt to GDP ratio is a key parameter under the FRBM framework.

This question belongs to: Economy GK Economy Set 1

Question #2

If the price elasticity of demand for a good is exactly 1, an increase in its price will:

A. leave total revenue unchanged

B. increase total revenue

C. decrease total revenue

D. eliminate all demand

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Correct Answer: Option A

Explanation:
Unitary elastic demand means total expenditure remains constant when price changes.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of economic growth models, the Harrod-Domar model emphasises:

A. Only technological progress

B. The role of savings rate and capital-output ratio in determining growth

C. Only natural resource endowment

D. Only labour force growth

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Correct Answer: Option B

Explanation:
The Harrod-Domar model states that the growth rate of output depends on the savings rate and the capital-output ratio (or the productivity of capital).

This question belongs to: Economy GK Economy Set 1

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